Finance has come a long way with the development of fintech (financial technology). Online services made life easier, and now apps allow us to transact, save and invest anywhere, anytime, no matter where we are in the world.
Each year, more and more finance apps are available to allow you to have savings accounts, save for retirement, take out a private pension, build wealth, open an investment account, and take out insurance. It seems like a one-stop shop. But the downside is that no personal service or financial advice is offered when making investment decisions. Choosing funds or which savings app to use is up to the individual.
Traditional financial advisors have the knowledge, skill and financial expertise to help you plan your financial wealth-building and retirement journey according to your individual financial circumstances.
While modern apps can’t replace traditional long-term investing, they are one of the best ways to supplement your wealth, increase your net worth and increase your retirement value.
Advantages of using fintech apps
- Usually offers higher interest rates than traditional bank savings accounts on the market
- Lower fees charged for transactions and saving
- Investment apps allow investing in world-class diversified funds, shares and stocks at lower fees
- Allow you to invest in alternatives like cryptocurrency, venture capital or NFTs
- Can top up whenever you have spare cash
- Usually, a free issued debit card when opening a savings account
Catalyst from deVere allows you to invest in diversified world-class dVAM funds, including equity and mixed asset funds that offer a higher rate of return. This can be used for long-term savings to supplement your pension or retirement income or build a retirement rainy-day fund. Another app, like deVere crypto, lets you buy and store cryptocurrency.
Time is essential – every year counts
As with any investment, time is the key factor in building wealth. The longer you save, the more your money will grow. It is best to start your savings journey at a younger age giving you time to build wealth for retirement.
Your financial advisor can advise on the best apps to supplement your wealth according to your individual financial needs.
Please note the above is for educational purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken as a result of reading the above.
